Chart of Accounts Policy

Use the overall structure included in this policy to establish uniformity for chart of account codes and definitions and describe the process for maintaining control over the chart of accounts. 

According to this policy, accounts are arranged in the same sequence in which they appear in the financial statements, that is, asset accounts should be numbered first, followed by liability accounts, owner's equity accounts, revenue accounts and expense accounts. Unassigned number sequences should be left open within each group of accounts to provide for additional accounts, which may be added later.